Price Waterhouse Cooper LLP, a Big Four accounting firm that has supported various blockchainprojects, has announced a blockchain audit service that it claims will encourage people to use the still new technology, according to The Wall Street Journal.
PwC was expected to present the new service Friday. The service will allow companies to offer an outside review of their use of blockchain technology, thereby ensuring they are using it properly and enabling employees to monitor the company’s blockchain transactions.
Supporting Blockchain Adoption
PwC believes the service will make people more comfortable with blockchain technology.
A. Michael Smith, a partner at PwC who oversees internal audit solutions, told The Wall Street Journal the service provides the need for an independent validation that the technology is operating as intended.
Blockchain technology delivers an immutable record of transactions using decentralized digital ledgers. While the technology has to date been associated with cryptocurrencies, it can also be used for online identity verification, supply chain management and auditing financial transactions. In auditing financial transactions, it can assume part of an auditor’s role.
PwC recognizes the obstacles to the technology’s adoption. These include concerns about compliance within companies and organizations, as well as concerns about risk management and corporate controls. While blockchain is often considered tamper-proof, its adoption presents issues similar to that of deploying any information technology.